TechFlow News, January 25: The U.S. Office of the Comptroller of the Currency (OCC) stated that its review process for WLFI—the Trump family’s cryptocurrency project—regarding its application for a banking charter would not be influenced by any political or personal financial relationships. Senator Elizabeth Warren, a vocal critic of cryptocurrencies, demanded that WLFI’s application for a national trust bank charter be suspended unless the Trump family divests its shares in WLFI; the OCC has rejected Warren’s request.
In his letter responding to Warren, OCC Comptroller Jonathan Gould wrote, “The OCC intends to carry out this review responsibility—not to fulfill your request.”
Historically, cryptocurrency firms have faced significant challenges in obtaining a national trust bank charter in the United States. However, a breakthrough occurred last December when the OCC conditionally approved the conversion of five digital asset firms—Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets—into federally chartered national trust banks.
